USD/CAD looking for a break to the 50-day MA on 'not-so-hawkish' Poloz?

Ross J Burland FXStreet

Currently, USD/CAD is trading at 1.2427, up 0.61% on the day, having posted a daily high at 1.2434 and low at 1.2335.

USD/CAD is higher on: BoC's Poloz: Recent economic data point clearly to moderation in growth in second half of year

As analysts at Scotiabank noted earlier, the Bank of Canada has delivered 50bpts of tightening over the past two meetings, reversing the 2015 stimulus in response to the oil price shock. "Markets are currently pricing nearly 25bpts of tightening before year end and nearly 50bpts by March."

However, Poloz was not as hawkish as the market had been pricing in, with Poloz saying, "There is no predetermined path for interest rates from here; we're data dependent," and USD/CAD continues higher at the time of writing.

USD/CAD levels

USD/CAD has broken up through 1.24 the figure and it is looking for a close above the July low at 1.2414 with eyes set on the 2016 low at 1.2461 just below the 50-day MA at 1.2464. Momentum signals are up on the 4hr chart and RSI following suit making for a moderately bullish bias. Support is now up to 1.2320.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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